Plum Superannuation Fund
Types of Plum super accounts
The type of Plum Super account you may be able to join depends on a number of factors, such as if you are an employee of a particular company, such as BHP Billiton or NAB. These employee funds have their own set of accounts. Plum Super also has a MySuper option.
Plum MySuper is the main product available to members. MySuper members have access to a range of investment options to meet their needs and preferences, including:
- MySuper Growth Portfolio, for customers aged under 55.
- MySuper Conservative Growth Portfolio, for customers aged over 55
- MySuper Cash Plus Portfolio, for customers aged over 62.
Some of the other features offered by Plum MySuper include:
- TPD, Income Protection Insurance and Death Cover (to eligible members). As with any insurance product, consider checking the cover amount, any exclusions, limitations or other conditions that may apply, as well as the premiums you would be charged before deciding whether it suits your needs
- mobile app available for Apple and Android devices
- MySuper Product Dashboard to compare MySuper options including net return and statement of fees
- a range of education programs for all stages of members’ financial life.
- Plum Super members have access to a variety of lifestyle offers and benefits with Plum Member Benefits.
- Plum Retirement Income, available exclusively to Plum Super members and is a way of converting super into a steady retirement income stream.
For members looking for more variety in their investment options, Plum Super states that the fund offers a range of ‘paths’ which are designed to suit different investor types. These include,
- Path One – Simple Choice. These options are actively managed and broadly diversified across asset classes. Plum Super states that the broad range of investment options could allow new investors a way to access investment portfolios.
- Path Two – Flexible Choice. These options include both actively and passively managed investment options and Plum Super states that these are designed for investors with a basic understanding of investments or those looking for a complete investment solution for an asset class.
- Path Three – Specialist Choice. Plum Super states these options are designed for investors with a strong understanding of investment risks, and generally target specific asset class sectors, eg. small companies.
Types of BHP Super Fund super accounts
To access the investment options open to this restricted super fund, members must log in to Plum’s website. However, Plum gives this general overview of the type of investment options available to members:
- Growth focused: focused on increasing capital but comes with higher volatility, involving the asset classes of shares and property, according to Plum.
- Defensive-focused: designed to generate a stable income with lower volatility, involving the asset classes of fixed income and cash, according to Plum.
How to join Plum Super
Before committing to a particular fund, consider comparing your options with Canstar and checking out our choosing a super fund checklist. You can also read Plum’s product disclosure statement (PDS), which could help you decide whether its product offering is suitable for your needs.
If you decide to join Plum Super you can contact Plum directly via phone or email.
To join Plum Super, you must be an existing member or the spouse of one, or have an account registered through your employer.
Finally, remember to tell your employer that you’ve joined Plum Super. Your employer should give you a Superannuation Standard Choice Form to fill out, sign and return to them.
How to join BHP Super Fund
You can only join the fund if you are an employee of BHP Billiton. If you want to find out more about the BHP Super Fund before signing up, you can request a copy of the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for a BHP Super Fund to help decide whether it is suitable for your needs (this is only available after receiving a log in to Plum’s website, or by requesting one from the super fund over the phone or via email).
During your employment process, BHP Billiton should give you a Superannuation Standard Choice Form to fill out, sign and return to them, which states which super fund you have elected to join.
Plum Super FAQs
Plum Super is part of IOOF Holdings Ltd (IOOF), an Australian wealth management group providing financial advice, investment, superannuation and trustee services. IOOF Holdings owns MLC Super Funds, to which Plum Super belongs.
Plum Super offers a wide variety of investment options at the time of writing, including the default option, MySuper, which provides members access to the following options:
- MySuper Growth Portfolio. This option is designed for members aged under 55 and invests more in riskier growth assets.
- MySuper Conservative Portfolio. This option is designed for members aged over 55 and below 62. This option is designed to take on less risk than the Growth portfolio, with greater allocation to Defensive assets.
- MySuper Cash Plus Portfolio. This option is designed for members aged over 62 and focuses the greatest of the three profiles on defensive assets.
You can choose to invest in one option or a combination of options. You can also switch investment options at any time for no fee, according to Plum.
If you don’t make a decision as to how your money will be invested, members’ money will be invested into the Plum MySuper product. The investment option chosen by default will depend on the members age at the time of application.
For more details on what each Plum Super investment option entails, you can contact Plum or read the PDS and other documentation on its website.
For those wishing to invest in socially responsible companies, Plum Super offers members access to Australian Shares – Ethical, an ethical investment option which automatically screens out any companies that profit from the manufacture or sale of alcohol or tobacco, gambling, weapons or armaments, or uranium extraction.
Plum charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, some of its fees include:
- Investment fees and costs, including transaction costs and administration fees, which may vary depending on the investment option. This reflects the fees and costs associated with the purchase/sale and ongoing management of investments of the fund and underlying investment vehicles, Plum says.
- Buy-Sell Spreads (Path Three Only)
- Insurance fees, if you have insurance cover through your super. The cost will depend on the level and amount of cover you have, your age, and the type of work you do, Plum says.
Bear in mind that other fees may apply. Consider checking Plum Super’s product disclosure statement (PDS) for details. You can also compare the annual fees for Plum Super’s default investment option to other super funds’ fees on Canstar’s database.
Yes, with Plum you can consolidate your super in three easy steps:
- Login and provide consent for Plum to find your super
- Complete a security check
- Choose the accounts that you would like to transfer to Plum and submit.
You can also consolidate your super through your MyGov account.
Plum Super is part of the MLC Super Fund, which is owned by wealth manager IOOF Holdings Ltd. The trustee of the fund is NULIS Nominees (Australia) Limited.
IOOF states that the company serves more than 2.2 million customers and has $450 billion in Funds Under Management and Administration (FUMA).